245 Park Avenue

245 Park Avenue is a 648-ft (198 m) skyscraper in New York City, New York. It was completed in 1967, and contains 1.7 million square feet (160,000 m2) on 48 floors. Shreve, Lamb and Harmon designed the structure, which is the 94th-tallest building in New York. The Building Owners and Managers Association awarded the 2000/2001 Pinnacle Award to 245 Park Avenue.[2]

245 Park Avenue
General information
StatusComplete
TypeOffice
Coordinates40°45′18″N 73°58′30″W
Completed1967
OwnerHNA Group
Height
Roof648 ft (198 m)
Technical details
Floor count48
Floor area1,719,000 sq ft (159,700 m2)[1]
Design and construction
ArchitectShreve, Lamb and Harmon
DeveloperUris Buildings Corporation

History

The site used to be occupied by the second Grand Central Palace exhibition hall, which was demolished in 1964 to make way for 245 Park Avenue.[3] The building was previously named for American Tobacco Company, American Brands, and Bear Stearns at various points in its history.

In 1987, Bear Stearns signed a lease for more than 500,000 square feet (46,000 m2) of space as its new headquarters and moved 3,000 of the company's employees into the building.[4]

In November 2000, JPMorgan Chase leased 580,000 square feet (54,000 m2) in the building, creating a corporate campus with the company's nearby headquarters at 270 Park Avenue.[5]

On March 20, 2017, Chinese conglomerate HNA Group announced a deal to acquire the building for $2.21 billion from Brookfield Property Partners and the New York State Teachers’ Retirement System, one of the highest prices ever paid for a New York skyscraper.[6] HNA financed the acquisition with a $1.75 billion loan from a consortium of lenders including J.P. Morgan Chase, Deutsche Bank, Barclays, Natixis and Societe Generale in addition to $568 million of mezzanine financing.[7]

Following financial difficulties at HNA in 2018, the conglomerate committed to selling off $22 billion in stocks and real estate assets. Part of this commitment included the sale of a $148 million stake in 245 Park Avenue to office REIT SL Green, which was also appointed as property manager and leasing manager.[8]

Tenants
  • Angelo, Gordon & Co., 113,405 square feet (10,535.7 m2) on floors 24-26
  • Ares Management, 98,095 square feet (9,113.3 m2) on floors 42-44
  • HNA Group, 38,383 square feet (3,565.9 m2) on floor 40
  • Houlihan Lokey, 115,396 square feet (10,720.6 m2) on floors 17, 19-20 & 32
  • JLL, 15,939 square feet (1,480.8 m2) on floor 16
  • J.P. Morgan Chase, 90,708 square feet (8,427.0 m2) on floors 2 & 16
  • Major League Baseball, 147,527 square feet (13,705.7 m2) on floors 29-31 & 34
  • National Australia Bank, 37,385 square feet (3,473.2 m2) on floor 28
  • Norinchukin Bank, 36,346 square feet (3,376.7 m2) on floor 21
  • Pioneer Financial LLC, 14,252 square feet (1,324.1 m2) on floor 17
  • Regus, 38,382 square feet (3,565.8 m2) on floor 39
  • Rabobank, 115,157 square feet (10,698.4 m2) on floors 36-38
  • SEB, 20,695 square feet (1,922.6 m2) on floor 33
  • Societe Generale, 593,344 square feet (55,123.5 m2) on floors 3-14
  • Vestar Capital Partners, 22,502 square feet (2,090.5 m2) on floor 41
  • WisdomTree Investments, 37,923 square feet (3,523.2 m2) on floor 35
  • Woori Bank, 14,320 square feet (1,330 m2) on floor 43

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See also

References
  1. "245 Park Avenue". Brookfield Office Properties. Retrieved March 16, 2015.
  2. "245 Park Avenue". Emporis.com. Retrieved July 22, 2012.
  3. Dunlap, David W. (December 18, 2012). "When Trade Shows Were Both Central and Grand". New York Times. Retrieved June 26, 2013.
  4. "New Headquarters for Bear Sterns". New York Times. March 10, 1987.
  5. Bagli, Charles V. (November 30, 2000). "Firms in Bidding War for Midtown Space". New York Times.
  6. "China's HNA Is Buying a NYC Office Tower for $2.21 Billion". Bloomberg.com. March 20, 2017. Retrieved March 21, 2017.
  7. "HNA scores $1.75B loan for 245 Park buy". The Real Deal. April 12, 2017.
  8. "SL Green invests $148M for stake in HNA's 245 Park Avenue". The Real Deal. November 30, 2018.
  9. "UBS 2017-C3 Structural & Collateral Term Sheet". SEC. August 7, 2017. Retrieved August 4, 2019.
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